QUEEN’S University early-stage regenerative medicine spin out VascVersa has completed a second seed funding investment round, raising more than £500,000.
The round has been led by by Co-Fund NI (managed by Clarendon Fund Managers); QUBIS, the commercialisation arm of Queen’s University (which supported the first round last year in another six-figure deal); the Innovation Investment Fund; and angel investors from the Halo & Business Angel Network (HBAN).
The funding complements the company’s successful Innovate UK Biomedical Catalyst grant for a £800,000 project.
VascVersais developing a cell therapy product as a new treatment for vascular regeneration, and the latest investment will allow it to accelerate the development of its ground-breaking Angicyte technology, which promotes healing by making new blood vessels leading to improved blood supply.
Cell therapies are at the forefront of medicine and are recognised as a revolutionary new way to treat diseases.
The company is coordinating research being undertaken in world leading research centres in Belfast, London and Edinburgh to develop its new cell therapy.
The first target is “chronic non healing wounds” which includes diabetic foot ulcers, but the technology will also be investigated for other vascular diseases.
Chief executive Christina O’Neill said: “This is a significant milestone which will enable us to accelerate development of our first product for diabetic foot ulcers and also develop our technology for other vascular diseases. I’m extremely grateful to all our funders for their invaluable support throughout VascVersa’s development.”
Aidan Courtney, chairman of VascVersa added: “We have received tremendous support from our investors and Queen’s University which will allow the company to expand its Belfast research facilities and develop new products based on its ground-breaking technology.”
Stuart Gaffikin, investment manager at Clarendon Fund Managers, said: “Co-Fund NI is delighted to continue to support VascVersa and its team as it progresses the development of its regenerative cell therapy product, Angicyte, for use as a treatment for diabetic foot ulcers as well as other vascular diseases.”
David Moore, investment manager at QUBIS, added: "We are delighted to support the VascVersa team to build on the Biomedical Catalyst award with this funding round.”
Oisin Lappin from the Innovation Investment Fund said: “The visionary technology Christina and the VascVersa team are bringing to market will have a lasting impact on patient’s lives. This funding round alongside the Innovate UK support will help support them in this journey.”
